University Park | 97 Units | Steps From UC Berkeley
97 Market Rate Units | 3 Blocks from UC Berkeley
Marketing description
The Cushman & Wakefield Northern California Multifamily Capital Markets Team is pleased to present for sale University Park Apartments, a rare 97-unit value-add investment opportunity located just three blocks from the world-renowned University of California, Berkeley.
With a current vacancy of 42%, the property offers immediate upside through strategic repositioning as a student housing focused rental community. The combination of proximity to campus, strong demand for student housing, and the opportunity to increase density by adding bedrooms to units makes University Park an attractive acquisition for investors seeking growth in one of the Bay Area’s most stable rental markets.
The property consists of two well-located buildings at 1709 Shattuck Avenue and 1710 Walnut Street in North Berkeley. Together, they total ±62,339 square feet on ±40,350 square feet of land and offer an ideal unit mix of 30 studios, 48 one-bedroom units, and 19 two-bedroom units. The larger 85-unit structure at 1709 Shattuck includes an amenity package consisting of 97 parking spaces, secure bike storage, an on-site laundry facility, a furnished lobby, leasing office, and a communal rooftop deck. With layouts that allow for efficient unit reconfiguration --47 of 48 one-bedroom units can be converted to two-bedroom layouts --the property has the potential to increase its bedroom count by nearly 55%, directly enhancing rental revenue potential.
University Park Apartments is located in the heart of a walkable, amenity-rich neighborhood with easy access to shopping, dining, entertainment, and public transportation. Popular spots like the Gourmet Ghetto, downtown Berkeley, and Telegraph Avenue are all within walking distance, offering a vibrant mix of restaurants, coffee shops, bookstores, and nightlife. The property is served by multiple AC Transit bus lines, and both the Downtown Berkeley and North Berkeley BART stations are nearby, providing convenient connections to San Francisco, Oakland, and the broader Bay Area. Immediate freeway access to I-80, I-580, and Highway 24 further enhances regional connectivity, making this an exceptional location for student renters and long-term value creation.
Investment highlights
Rare chance to acquire a 97-unit value-add apartment building in North Berkeley
Nearly $2.1 million spent on recent capital improvements
True value-add opportunity with several strategies to increase income potential
Current vacancy and ideal unit layouts provide an opportunity to add bedrooms
Steps from the #1 public university in the world
UC Berkeley has the 2nd largest population & the lowest percentage of beds per student of any UC Campus
Substantial historical and future student, faculty, and staff population growth
Renovated student-focused multifamily properties in Berkeley command impressive rental rates
UC Berkeley provided housing options are among the most expensive options in the market
Excellent historical & forecasted rent growth
Limited & outdated existing UC Berkeley housing stock drives renter demand to privately owned housing
The bay area’s exorbitant cost of homeownership perpetuates the supply-demand imbalance
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